HYDRAULIC POWER COMPANY.

Star (Christchurch), Issue 4749, 20 July 1883, Page 3

HYDRAULIC POWER COMPANY.

A meeting of the Provisional Directors of the proposed Hjcl-aulio Power Company wae held at Mr T. 8 Weston's Chamoew, yesterday afternoon ; present— Messrs W. Chrystall (in the chair), T. S. Weston, F. H. Barm, W. D. Meares, A. M. Offivier, A. G. Howland, F. Banks, W. F. Warner, T. M. Hardy Johnston, W. Harris, J. Gote, J. Aulesbrooz, 0. 0. Bowen, D. M'Leod, G. Humphries' and Major Bamfield. A draft prospectus, drawn up by the/ brokers to the Company, wae considered, olauae by clause, and approved with alight alterations, after some discussion. The prospectus, as adopted, stated that the object of the Company was to provide hydraulic power on the high, pressure accumulator system, at a normal power of 7591b* or the square inch, or such other power as might be deemed suitable. It was only proposed to lay mains in somo of the principal etr«ets of the City at first. The estimated quantity of water required would bs at first from 300,000 to 400,000 gallons daily. IS waa proposed to obtain this supply from artesian . well?, or from any other source from whioh pure water could be prooure3,it being deemed advisable to secure a supply of pure water so as to provide for any further extension of th» scheme. It waa agreed that the memorandum of association should embrace a water supply for Ohristchurch and its suburbs, should the shareholders hereafter be disposed to extend the operations of the Company in that direction. The engineers were requested to furnish & wport as to the capabilities of tho proposed mains to mett the demands for Btreefc-water* ing and fire extinction, and 'also ai to the extra cost involved in making then euitable for these purposes. Mr Banks said he wag of opinion that if tho operations of tho Company were to be on the extended scale proposed, a capital of £50,000 would be quite insufficient. He would suggest that the capital should be £100,000 in 20,00 shares of £5 encb, and that the first issue should be £50,000, Mr Mcares thought that the question mi;ed by Mr Banks might very properly bo poetponod to & futuro meeting. Meanwhile, a CommifcUe might wait on the Oitj Council ia order to ascertain their views on the matter. Mr Banks asked if Mr Wceton could inform him whether the increase of the capital after tho formation of the Cjmpiny would be a cumbersome process. Mr Woston replied that under tuo proscnt hw tha increasing of the capilal would not, be very cumbrous if the shareholders were agreed en the subject. Mr Banks fip eseed himself satisfied. Xho Chairman was of opinion that it would bo bist to start, with, a capital of: £50,000, wh.ch could be increased afterwards if required. The matter then dropped. fitters "OhryMall, Banks, Mosre-, Westori nv.l Warcer, were appointed to wait en the Li>y Oouocil.to ascertain tfooir views respecticj; tho concession* required by tho Company. On the raolion of Mr Bank?, seconded by' Mr Gosb, Mr W. Ohrystall war- elccd Chair* [ man of the Pror>onal Director?. This cmcludod A-.v business, Had the meeting terminated.